Lawmakers And Advocates React To Historic House Passage Of Marijuana Banking Bill

The House passed a standalone marijuana reform bill for the first time ever on Wednesday, and the development has sparked widespread excitement among lawmakers and advocates.

Following the chamber’s 321-103 passage of the Secure and Fair Enforcement (SAFE) Banking Act, lots of members of Congress shared their support on Twitter and in press releases. The bill was approved by all but one Democrat and garnered support from nearly half of the chamber’s Republicans.

Here's how lawmakers reacted to the bill's passage:

Center for American Progress Senior Policy Analyst Maritza Perez: 

“Today’s vote may be a release valve for financial institutions, but it does nothing to relieve the decades of harm caused to communities of color affected by the drug war. Following today’s vote, we call on Congress to collectively turn its efforts to equitable marijuana legislation that should include removing marijuana from the Controlled Substances Act and making way for the expungement and resentencing of marijuana convictions. Congress must also consider using marijuana tax revenue to bring services to communities most affected by the drug war, as well as grant programs supporting underrepresented business owners in the cannabis industry as modeled in the MORE Act. Congress has the opportunity to pass comprehensive marijuana legislation that leads with social justice and equity with the MORE Act. We urge Chairman Nadler and House leadership to promptly mark up the MORE Act and bring it to the floor for a vote.”

Veterans Cannabis Project Executive Director Doug Distaso:

“Today’s historic House passage of the SAFE Banking Act is an important first step toward eliminating the stigma around an industry that is providing essential medical treatment options for veterans. This legislation will ensure protections for veterans’ GI Bill benefits and allow them to seek well-paying jobs in a rapidly growing industry. I will be working diligently with my fellow veterans in the coming weeks to ensure the Senate understands the positive impact that cannabis has on veterans’ lives. As service members return with issues ranging from chronic pain to PTSD, many are finding cannabis is a treatment option that improves their quality of life and reduces their symptoms, without the negative side effects of opiates and other prescriptions.”

The Arcview Group CEO Troy Dayton:

“We are extremely encouraged by these cannabis reforms passed by the House. It would be a game changer for this developing industry and we are hopeful that the Senate follows suit. Legal cannabis businesses, which employ more than 165,000 people, would finally be able to operate safely, develop and grow their businesses. This step forward begins to pave the way for legal, regulated cannabis businesses to open up a plethora of opportunities, which were previously unavailable. The measure would also have a profound, positive impact on the investment landscape, patients and consumers. For years, Arcview has been working towards and supporting this moment. We applaud the progress taken by our regulators and industry and look forward to more reforms being fully enacted.”

Credit Union National Association President Jim Nussle: 

“Today’s landmark vote will help credit unions keep communities across the country safe and serve those state-legalized businesses previously left in the lurch. We offer our congratulations and appreciation to Representatives Perlmutter, Heck, Stivers, Davidson and others who have worked on this critical issue for so long. Our work is not done: We are ready to work in the Senate to advance legislation on this issue to the President’s desk.”

Independent Community Bankers of America President Rebeca Romero Rainey: 

“The conflict between state and federal law on cannabis-related businesses has created significant legal and compliance concerns for financial institutions that could provide needed banking services to these companies. This uncertainty has forced cannabis-related businesses to operate mostly in cash, which presents a significant public safety risk. The bipartisan SAFE Banking Act would help eliminate this risk in states where cannabis is already legal.”